02:37 PM EDT, 05/10/2024 (MT Newswires) -- Federal Reserve Governor Michelle Bowman (voter) said that the FOMC should proceed "carefully and deliberately" when making monetary policy decisions to achieve the 2% goal.

Atlanta Fed President Raphael Bostic (voter) told Reuters in an interview that he is hopeful that the FOMC can cut rates this year and sees a slowdown in inflation as businesses report that their pricing power is limited.

Chicago Fed President Austan Goolsbee (nonvoter) said that the current level of the federal funds rate is restrictive, but may need to remain there for some time. Goolsbee declined to specify a number of rate cuts expected this year, citing the FOMC's statement that it will depend on the path of inflation.

Dallas Fed President Lorie Logan (nonvoter) said that it is "too soon" to consider lowering interest rates due to upside risks to inflation, Reuters reported.

Recent comments of note:

(May 8) Boston Fed President Susan Collins (nonvoter) said that it may take longer than previously expected for demand to better align with supply and bring down inflation, so the FOMC needs to remain patient and observant of the incoming information as it makes its decisions.

(May 7) Minneapolis Fed President Neel Kashkari (nonvoter) wrote in an essay that the recent lack of progress on inflation could be the result of monetary policy not being as restrictive as it appears compared with the neutral rate, resulting in the FOMC needing to do more to slow demand and inflation. Later in the day, Kashkari reiterated that interest rates may need to remain elevated for longer to bring down inflation, possibly all year, Reuters reported.

(May 6) Richmond Fed President Tom Barkin (voter) said that he is "optimistic" that the current level of the federal funds rate is restrictive enough to slow demand and bring down inflation, but said that the FOMC will be able to act if the economy overheats or, conversely, if the economy slows more than expected.

(May 6) New York Fed President John Williams (voter) said that monetary policy decisions will be based on the incoming data and that rate cuts are likely as economic growth slows this year.